The 2026 Commodities Scoreboard: Oil Up 68%, Copper Up 15%, Gold Down 4%

One table says more about 2026 than a thousand headlines. Here is how the major commodity prices have done since the start of the year.

• Through early October, Brent futures were up about 68.5 percent for 2026 and WTI about 58.5 percent ^[1].
• Copper was up about 15 percent; gold was down about 3.8 percent and silver about 13 percent ^[2][3].
• The energy-sector ETF XLE was up about 40.5 percent ^[4].
• The ranking reflects one shock (war and energy) and one reaction (rates and the dollar).

Source: Yahoo Finance front-month futures and ETF prices, changes from the 2025 close ^[1][2][3][4].

Reading the table

Energy led for an obvious reason. The war with Iran, which began February 28, nearly halted shipping through the Strait of Hormuz, and Brent spiked to $118.35 on March 31 ^[5]. Producers’ shares, represented by XLE, followed.

Copper rose on growth and building. It is an industrial metal, and its 15 percent gain contrasts with the weakness in metals that investors buy as hedges.

Gold and silver fell. Both pay no yield, and the 10-year Treasury rose from 3.96 to 5.28 percent between February 27 and October 2 while the dollar index climbed, which raises the cost of holding them ^[6][7].

The full table

Here is the scoreboard with the dates of each series’ 2026 low and high (my calculation from daily closes, year-to-date from the last close of 2025) ^[1][2][3][4]:

The two oil benchmarks and the energy ETF share the same early-year trough and the same spring spike, while copper, gold and silver have highs and lows on different dates. The metals’ timing differences are a useful reminder that they respond to different forces: copper to growth and infrastructure demand, gold and silver to real yields and the dollar, which also rose over the period ^[6][7]. Fed policy added to that, with the target range raised to 3.75 to 4.00 percent in September ^[8].

What it says about the year

This is a classic supply-shock pattern: inflation-sensitive assets that produce something tangible rose, and assets that rely on falling rates or fear premiums lagged. The question for the fourth quarter is whether the Fed’s September hike ^[8] and a possible easing of Hormuz restrictions change the order.

A scoreboard is only a snapshot, and the ranking of 2026 could look very different by December. This is analysis, not investment advice.

Questions readers ask

Which commodities performed best in 2026?

Crude oil (Brent +68.5 percent, WTI +58.5 percent) led, followed by copper (about +15 percent), while gold and silver were lower ^[1][2][3].

Why did gold fall while oil rose?

Higher Treasury yields and a stronger dollar raise the cost of holding non-yielding gold, though the data do not prove causation ^[6][7].